IREN (NASDAQ:IREN) Shares Up 14.7% Following Analyst Upgrade

IREN Limited (NASDAQ:IREN)’s share price was up 14.7% during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $28.00 to $39.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. IREN traded as high as $48.99 and last traded at $48.49. Approximately 35,891,707 shares changed hands during trading, an increase of 41% from the average daily volume of 25,464,852 shares. The stock had previously closed at $42.26.

Other analysts also recently issued reports about the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of IREN in a research report on Monday, November 17th. Macquarie boosted their price target on IREN to $86.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 22nd. Canaccord Genuity Group upped their price objective on IREN from $42.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday, November 10th. BTIG Research raised their target price on shares of IREN from $32.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, October 14th. Finally, HC Wainwright boosted their target price on shares of IREN from $45.00 to $56.00 and gave the stock a “sell” rating in a report on Tuesday, November 4th. Thirteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, IREN currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.43.

Insider Buying and Selling at IREN

In related news, CEO Daniel John Roberts sold 1,000,000 shares of the company’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the completion of the sale, the chief executive officer owned 13,989,696 shares of the company’s stock, valued at $463,478,628.48. This represents a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 5.02% of the company’s stock.

Institutional Investors Weigh In On IREN

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hood River Capital Management LLC acquired a new position in IREN during the second quarter worth about $74,228,000. Situational Awareness LP bought a new stake in shares of IREN during the 1st quarter valued at approximately $20,500,000. Voloridge Investment Management LLC increased its position in IREN by 1,444.5% during the 3rd quarter. Voloridge Investment Management LLC now owns 1,652,577 shares of the company’s stock worth $77,555,000 after purchasing an additional 1,545,579 shares in the last quarter. Marshall Wace LLP lifted its stake in IREN by 247.7% in the 3rd quarter. Marshall Wace LLP now owns 2,032,397 shares of the company’s stock valued at $95,380,000 after purchasing an additional 1,447,842 shares during the last quarter. Finally, Merewether Investment Management LP bought a new position in IREN in the 2nd quarter valued at approximately $21,025,000. 41.08% of the stock is currently owned by institutional investors.

IREN Stock Up 14.7%

The stock has a 50 day moving average price of $53.96 and a 200 day moving average price of $29.32. The company has a quick ratio of 5.52, a current ratio of 5.52 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $13.75 billion, a price-to-earnings ratio of 24.99 and a beta of 4.21.

IREN (NASDAQ:IREN) last announced its earnings results on Thursday, August 28th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.17 by $0.02. IREN had a negative return on equity of 3.60% and a net margin of 86.96%.The firm had revenue of $187.30 million for the quarter, compared to the consensus estimate of $187.51 million. As a group, analysts forecast that IREN Limited will post 0.43 EPS for the current year.

About IREN

IREN Limited, formerly known as Iris Energy Limited, owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.